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of <h1>Virtual Digital Asset Transfers Now Subject to 1% TDS Under Section 194S, Impacting Crypto Transactions and Tax Compliance</h1> The text details Tax Deduction at Source (TDS) provisions for virtual digital asset (VDA) transfers under Section 194S of the Income Tax Act. Key points include: deduction of 1% tax on consideration paid by residents, specific rules for exchanges and brokers, different tax rates based on PAN and return filing status, time of deduction, and consequences for non-compliance such as penalties, interest, and potential prosecution for failing to deduct or deposit tax.
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